(Yicai Global) Dec. 22 -- Chinese steelmakers will have produced more than 1 billion tons of the alloy this year for the first time ever, according to a new industry report.
Production of crude steel is expected to have climbed 5.4 percent to 1.05 billion tons in the 12 months ending Dec. 31, the China Metallurgical Industry Planning and Research Institute said in the report it published yesterday. Consumption likely jumped 9.6 percent to 981 million tons.
The construction, machinery and energy sectors have used more of the metal, driven by a raft of government policies that promote investment and steady growth, the institute's Chief Engineer Li Xinchuan said at a press conference to launch the report.
The country’s steel production will increase 1.4 percent to 1.065 billion tons next year, the report predicted, while use will rise 1 percent to 991 million tons. Demand from builders, machinery and auto manufacturers, energy firms and home appliance makers will grow, while shipbuilders will need less, it said.
Global steel use will total 1.7 billion tons this year, down 2.5 percent from 2019, the report added. Asian demand likely climbed 1.7 percent, while that in the Middle East, North America and Africa fell at least 10 percent.
Editors: Tang Shihua, Ben Armour, Xiao Yi